Author: Afroz Ahmad

The industry leader in the Artificial Intelligence industry, OpenAI is taking a new initiative to explore the growing risks of AI. The firm has created a new team to evaluate AI models and report on the associated risks. Quick Take: OpenAI launches Preparedness to study and tackle the risks of new AI systems. Preparedness will keep a check on the catastrophic AI risks and suggest a forward action plan for OpenAI. The firm has set a prize for the community’s participation in AI risk studies. The new team will track, evaluate, forecast, and protect potential “catastrophic risks” that are making…

In a recent development, a United States District Court Judge has ordered NFT artists, Ryder Ripps and Jeremy Cahen to pay a total of $1.57 million in disgorgement and damages. The fine is to be paid to the Bored Ape Yacht Club creator Yuga Labs. Quick Take: Yuga Labs wins a copyright lawsuit against Ruder Ripps and Jeremy Cahen. The two artists will pay $1.57 million in damages and they will also be liable for the legal fees. The Court dismisses all counter-accusations against the NFT platform. The decision has put an end to an extended NFT lawsuit between the…

The Financial Conduct Authority (FCA) has stated that several crypto promoting firms in the United Kingdom have violated the crypto marketing rules. Since its implementation, there have been at least 221 breaches of the law. Quick Take: The FCA reports 221 violations of the new promo laws in the UK. Most illegitimate businesses have failed to clear the requirements of providing enough risk information. As per FCA, crypto firms should have a clear risk warning and should incentivize crypto investments. The UK Financial Conduct Authority released a new statement on October 25 to comment on the performance of crypto firms…

The Securities and Exchange Commission (SEC) has charged BlackRock for potentially misrepresenting investments. The regulatory authority has imposed a $2.5 million fine on the asset managing firm. Quick Take: The SEC has charged BlackRock for false investment reporting in partnership with the Aviron Group. The largest asset management firm of the group has agreed to pay a $2.5 million penalty fee to settle the charges. BlackRoack’s spot Bitcoin ETF, iBTC is back on the DTCC website after removal on Tuesday morning. In a recent development, the Bitcoin ETF plans have seen an unexpected turn of events. The SEC has alleged…

The crypto market has flourished recently amid growing anticipation around spot Bitcoin Exchange-Traded Funds (ETFs). As a result, crypto investment products have seen four straight weeks of inflows. Quick Take: Crypto investment assets saw an inflow of $66 million within the last week, Bitcoin makes up 84% of this figure. Ethereum notices outflow while Solana’s product leads the race among altcoins. Data reveals that the hype around the expected approval of spot Bitcoin ETF has boosted investors’ confidence. Europe notices the highest inflows while the United States marks outflows. The report from an asset management firm, CoinShares shows that a…

The hyped cryptocurrency game, Upland has announced a $7 million raise in its Series A funding round. The platform is referred to as the super app of the Web3 and metaverse. Quick Take: Upland announced a $7 million funding raise, directed towards AI and metaverse. The crypto game will launch its utility token on Ethereum to make it tradable. It will focus on enhancing its marketing strategy as per interest from different geographic locations. Upland CEO remains unfazed by the dying hype around the metaverse. Upland was able to onboard a new investor, EOS Network Ventures. Thus, bringing the total…

Aptos Network, a Layer 1 blockchain, has successfully managed to bring its network back online and restore all of its operations following a five-hour outage. The network coincidentally suffered an outage in the same week it was launched just last year. Quick Take: All operations were resumed for Aptos following a five-hour outage.  The value of the Aptos token plunged but has now recovered partially. Users continued to express disdain for the situation even after it was solved. Based on the data provided by the AptoScan network tracker, the on-chain transactions on the Move-language-based blockchain came to a stop at…

The cryptocurrency market received a boost in the past couple of days due to fake news of spot Bitcoin ETF approval. However, several major crypto tokens including Bitcoin have maintained a positive momentum. As a result, analysts have noticed a sharp increase in USDT accumulation by the largest Tether wallets. Quick Take: Tether notices a sharp increase in its transaction volume amid fake spot Bitcoin ETF approval news. Top 10 Tether holding wallets continue to accumulate more USDT. Indicators suggest an increase in the price of BTC with the increasing trading volume of USDT. With an unexpected surge in the…

The globally renowned cryptocurrency exchange, Coinbase is consistently removing cryptocurrency trading pairs in a bid to improve liquidity on its platforms. The exchange believes this step will help increase overall market health as well. Quick Take: Coinbase suspends 80 Non-UST trading pairs to improve overall market health and liquidity. The removed trading pairs make up a negligible amount of Coinbase’s trading volume. The exchange continues to struggle with decreasing trading volumes. As per an announcement from Coinbase, the exchange has suspended a total of 80 non-USD trading pairs. These pairs were used for some assets on the Coinbase Exchange, Coinbase…

FrenTechPro, a phishing scam operator is impersonating as a Friend.Tech tool to exploit several blockchains at once. It has been reported that the scammer has managed to steal around $214,000 in cryptocurrencies so far. Quick Take: FrenTechPro Plunders $214,000 across seven blockchains through a phishing attack. Crypto security firms warn users about phishing links posted on social media platforms. Phishing scams continue to be a major issue for crypto and DeFi. Recent hacks and exploits have dented the reputation of the secure crypto space. FrenTechPro has drained hundreds of thousands of dollars across multiple blockchains by exploiting a vulnerability in…